HOUSTON – Luby’s is looking to sell off more of its restaurants to pay off the Houston-based company’s debt.
Company leaders announced Friday that the sale of eight properties since May has netted $11.6 million, which is being used to pay off the company’s $39.5 million debt.
Chris Pappas, the company’s president and CEO, said in a news release that the company is in discussions to sell more properties.
“Through this program, and a continual focus on superior store-level execution of service, food and facilities, we believe we can enhance the company’s financial performance,” Pappas said.
Luby’s operates 147 restaurants across the country, including 61 Fuddruckers and two Cheeseburger in Paradise locations.
The news release did not include a list of the properties that will be sold.